Mohamed El-Etreby, who heads both the Union of Arab Banks and the Federation of Egyptian Banks, shared some exciting news! He confirmed that Egypt's banking sector has made incredible progress in financial inclusion, becoming a standout regional example in recent years. Speaking at the opening of the "From Financial Inclusion to Inclusive Growth" conference on Monday, El-Etreby explained that financial inclusion rates in Egypt have jumped to 76.6%. Even better, financial inclusion among young people has reached 56.8%, thanks to broad policies aimed at bringing more people into the formal financial system. He also pointed out that about 9.8 million new bank accounts have been opened over the past eight years. This really shows how many more people are engaging with the banking sector and how much trust they have in official financial services. When it comes to digital transformation, El-Etreby highlighted a huge leap in mobile phone wallet usage. By the end of 2025, Egypt is expected to have around 60 million e-wallets, with total transactions hitting an incredible 4 trillion Egyptian pounds! He added that roughly 19 million young people now own e-wallets, which clearly shows how quickly digital solutions are being adopted for everyday transactions, especially among the youth. Finally, the head of the Federation of Egyptian Banks emphasized how important it is for Arab banks to work together to boost financial inclusion efforts, especially with the economic challenges facing the region. He stressed that banking integration is a key driver for achieving comprehensive and sustainable growth.
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